Five large-volume altcoins, which have been dormant since the beginning of November, are back in action as of November 30. In particular, Ethereum (ETH) is increasing its volume by increasing 5% compared to the last 24 hours.
Leading altcoin gives strong signals for the coming weeks
The market’s largest altcoin project has shown signs of recovery, hitting a six-week high on November 28. On-chain data shows that active addresses soared to their highest levels in six weeks yesterday. The last time this happened, the ETH price jumped 30% in just six weeks. The analytics platform Santiment reports:
Ethereum’s active addresses rose to a 6-week high yesterday, which likely influenced today’s price increase. On October 15, the price of ETH increased by +30% over the next 3 weeks, when addresses last rose to this level.
The rise is accompanied by altcoin whales
While Ethereum has been undergoing a heavy price correction lately, whales are buying every drop. Last week, ETH whale activity hit a new high, recording the fifth largest accumulation day in a year. Whales continued to accumulate even in the middle of November’s FTX crisis. According to the Santiment report:
The number of whale addresses for Ethereum has been increasing since the FTX crash in early November. The chart shows key moments when shark and whale addresses pile up and spill. The number of 100 to 100k ETH addresses is at a 20-month high.
John Bollinger says Litecoin (LTC) is “waking up”
Bollinger, known for the Bollinger Bands indicator, one of the technical tools most used by traders, reported that Litecoin has become active again in his new tweets. LTC price is currently trading at $77.96, up 2.5% from the last 24 hours. Litecoin, one of the first altcoins, gained significant momentum last week. Prior to that, whales had accumulated more than $40 million in LTC in just two weeks. In his tweet, Bollinger says that while Bitcoin and Ethereum sleep, LTC specifically wakes up. After this analysis, Ethereum is bullish today.
While $BTC and $ETH have gone to sleep, $LTC has woken up!
— John Bollinger (@bbands) November 29, 2022
How about Dogecoin and Chainlink?
Two other altcoins, which are a favorite of whales, have been struggling with harsh market conditions in recent days. DOGE price traded between a low of 0.074817 and a high of $0.106019 in the past 7 days. As of the last 24 hours, it has been moving up around 2.5%. Before that, Dogecoin was on the rise with news from Elon Musk, David Gokhshtein and Vitalik Buterin.
Here is David Gokhshtein’s November 25 tweet that triggered the rally:
I feel that we’ll all see Vitalik and Elon working together to somehow upgrade $DOGE.
— David Gokhshtein (@davidgokhshtein) November 25, 2022
Similar to Dogecoin, it is stuck between 5.96 and 7.45 on Chainlink. It is currently trading at $7.42, holding steady relative to the last 24 hours. It is worth noting that it gained double-digit value compared to last week. Analyst Milko Trajchevski thinks that the LINK price is likely to touch $8 in December.
Is Ripple a good choice for 2023?
XRP, one of the altcoins that moved up on November 30, is heading towards its price target of $0.45. David Gokhstein, who moved Dogecoin with his tweet, explained on Twitter last week why he believes Ripple will prevail against the SEC regulator in court. First, this win will bring regulatory certainty to the crypto market. Despite suing Ripple and other cryptocurrency companies, the SEC has been criticized for its lack of regulatory clarity.
Second, Gokhshtein thanks the XRP army for their patience while waiting for the legal issue to be resolved. It looks like XRP has all the benefits it needs for 2023. Everyone is watching the court battle to predict the future of XRP.
I hope Ripple wins for two reason.
1 – Clarity for the #crypto industry.
2 – $XRP community that fought hard and stood their ground get rewarded.
— David Gokhshtein (@davidgokhshtein) November 25, 2022
cryptocoin.com As you follow on , traditional markets have benefited from optimism that US inflation has peaked and the Fed will cut rate hikes in recent weeks. Today’s German inflation data show that the situation has calmed down in Europe. Germany’s annual inflation of 10.4% in October fell to 10%. In the midst of the data released on November 30, the cryptocurrency market was on the rise.
